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Reward and Benefits

For information on the wide range of benefits ScottishPower offer employees, please click on the image below:

ScottishPower_Benefits

Your Pension

ScottishPower recognises the importance of providing for the future, which is why all new employees are automatically enrolled into the Iberdrola Group (UK) Stakeholder Pension Plan. Our Plan is a competitive, flexible and tax efficient as well as being a valuable part of Your Total Reward and we encourage all our employees to make saving for retirement a priority.

In order to make this easier for you, we top up the savings you make for retirement by adding to what you pay into the Plan - essentially free money that you would not otherwise get. You will pay 5% of your pay towards pension saving, the Company will pay an additional 10% of your pay into your pension plan meaning you’ll be saving 15% of your pay for your retirement

Can you afford to miss out?

You pay less tax and National Insurance contributions. You do not make direct contributions to the Plan, instead you agree to a “salary sacrifice” and consequently you do not pay Tax on the contributions i.e. a saving of 20% or 40% if you are a higher rate tax payer, nor do you pay National Insurance Contributions on any of the amounts which are paid into the Plan for you.

Further Information

Within 3 weeks of you joining ScottishPower you will receive a welcome pack from Fidelity, the company appointed to provide investment and administration services for the Plan.

The pack contains:

  • Your User ID and details of how to log in to their pension website to view your account (Your PIN is mailed separately).
  • Leaflet explaining the Contributions to the Plan.
  • Key features document explain the main benefits of the Plan.
  • Policy document setting out the formal conditions governing the Plan.
  • Expression of Wish Form to indicate who you may wish to receive your Retirement Fund should you die before retiring.

You can also speak to a member of our in house professional pension’s team about any aspect of ScottishPower Pensions, saving for retirement generally or dealing with pensions with previous employers. Please contact them by phone: 0845 270 0841 (external) 744 6708 (internal) or email: pensions@scottishpower.com

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